If you are experiencing one of the above, you may be over-indebted. You are having a debt problem which need urgent action from you. You need to act very fast before you loose your assets and your good name. If you do not pay your creditors, they will start legal proceedings very soon to repossess your house, furniture and car. Once legal proceedings are started the court will grant judgment against you and your property will be repossessed and sold in auction.
LETTER FROM CREDITORS
If you have a debt problem, (you are unable to pay your creditors) you will receive a letter in terms of Section 29 of The National Credit Act of 2005. The letter will request you to pay the arrears outstanding, refer the case to a debt Counsellor amongst other within 10 days from the date of postage. After 10 days, if you don’t react, the matter will be handed over to lawyers who will now proceed to issue summons and ultimately repossess you property.
WHY YOU MUST ACT BEFORE SECTION 29 LETTER IS ISSUED
It is within your knowledge that you have too many debts and that you are unable to pay them. Don’t sit down and ignore the problem. There is still hope. You can still keep your car, furniture, house or any other valuable asset acquired on credit provided you act Before is TOO LATE.
The National Credit Act, of 2005, was passed by Government to help people like you who have many debts, who are unable to pay one or all of those debts. The purpose of the Act was to protect you from creditors who want to repossess property because you owe them.
It is therefore important to act once you are in arrears with your account in order to get the protection from your creditors. Refer the matter for debt counseling immediately. Once a letter in terms of Section 29 is issued and send to you, you have 10 days to refer the matter to debt review or counseling. The lawyers need only proof to Court that the letter was sent to you by registered address and the it is the correct address that you provided them when you entered into the contract. Even if you did not get the letter, they will proceed to get judgment.
Once a legal proceedings are taken against you, which can be any time after 10 days of the letter sent to you, you can NO LONGER apply for debt counseling. Your house, Car or furniture will be repossessed. It is therefore important to apply for debt review as soon as you realize that you are unable to pay your debts.
BENEFITS OF DEBT REVIEW
Debt review take off the debt problem out of yourself. You can have a peace of mind knowing that your car, house or furniture will not be repossessed. Here are some of the benefits of debt counseling:
- You will pay one affordable installment on all your debts.
- No creditor will take or repossess you property or assets.
- No legal proceedings will be taken against you.
- No more threatening calls, letters or telephone calls.
- You will save your name from been blacklisted,
- You will have money left to buy food and other necessary expenses,
As you can see, debt counseling will help you to consolidate all your debts into 1 affordable, but realistic payment and you still enjoy the possession and use of your assets.
DISADVANTAGE OF DEBT COUNSELLING
The only disadvantage of debt COUNSELLING is that you cannot get into more new debt until you are able to pay them. Because you are over-indebted, you will not get any further credit. But the situation is not as bad as it may seem. Should you financial improve, for example because you got this new job paying you well, you can apply to cancel or withdraw from debt COUNSELLING. So you have nothing to lose but everything to gain by protecting your house, car or any assets still under credit. You also avoid been blacklisted.
CONSOLIDATE ALL DEBTS INTO 1 AFFORDABLE INSTALLMENT
Are you having many debts that you are unable to pay? Are you getting threatening calls, letter and SMS,s from your creditors? Are you about to lose your car or house? Act fast before it is too late. Once summons are issued, it is too late to get help. Once the so-called Section 29 letter is sent out to the address you provided in the contract, you have 10 days to save your car or house. Legal action (Summons) will be issued even if you did not receive the letter. You creditor will just have to show Court that the letter was sent to your correct address.
If you have a debt problem, you cannot pay your debts, apply for debt COUNSELLING and make only 1 installment for ALL your debts. Once you apply for debt COUNSELLING, you will save your car, house and save your name from been blacklisted. Plus once your situation has improve, you can cancel you debt review and starting paying knowing you can.
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